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View Diary: Bombshell MERS Ruling:Process Illegal (144 comments)

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  •  oh sweet heaven (11+ / 0-)

    Black and Wray's article inspired me to write  this comment  on FDL:

    The big, real problem is not principal reduction or at the foreclosure level, it’s the banks having to buy back the mortgages at face value. Look, if I understand it right, all this gazzzzillions you’re writing about is like the Dallas episodes the season before Pam wakes up and finds Bobby in the shower. They were all a dream. Gone. Didn’t happen. See Bill Black quote @8.

    In the beginning, there was your mortgage. The minute after you signed and left the office, the mortgage got sold. So your mortgage was bought and paid for then. Then they shredded the notes (ping) and sold and sold and sliced and diced air and wind pudding and CEOs got bonuses on those churned earnings and Bobby went away and… The moment they shredded the note (ping), you’re in dreamland. All the gazzzzillions are a dream. And now… wake up sleepyhead, Bobby’s in the shower and the mortgage was paid.

    Oh sweet heaven.

    It’s not your fault the banksters shredded the note, never transferred it, defrauded investor upon investor upon investor like The Producers. If I remember Bill Black right, the next episode to come is where the fraudsters have to buy back all their fraudulently originated notes, at face value (it’s the law! :-) and go bankrupt. And they get put in receivership/get nationalized/get real, because only in fantasy dreamland is there enough money in the world to buy back what they sold. That’s where I think the story is, and not badly papering over yet again paper upon paper upon paper that was (ping) bad to begin with.

    I think this is why Elizabeth Warren says the ball’s in the state AGs’ court for now. There’s some serious law to be played out.

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